R&V Management Acquires M-F Asset in Otay Mesa for $150M

San Diego-based R&V Management Corp. recently greatly expanded its San Diego-area apartment portfolio as it completed the purchase of a large residential community in the city’s Otay Mesa submarket. The company acted through partnerships controlled by the local entity in order to acquire the Greenfield Village property for a total of $150 million from seller Otay Greenfield Developers LLC, an entity of Garden Communities Inc. of San Diego. The deal was arranged on behalf of both parties by a team from brokerage company Cushman & Wakefield.

In the San Diego area’s largest multi-family deal so far in 2014, R&V Management Corp. of San Diego paid $150 million for a 644-unit community in Otay Mesa, according to The San Diego Business Journal. An affiliate of Garden Communities Inc., also of San Diego, was the seller. The deal was arranged on behalf of both parties by a team from Cushman & Wakefield Inc.

Greenfield Village comprises fifteen buildings, two clubhouses, an indoor movie theater, fitness facilities and a business center. The acquisition expands R&V Management’s portfolio in San Diego County to more than 7,000 units.

In other San Diego County multi-family news, Wermers Properties and R&V Management have acquired a development site from Pacific Highlands Ranch Village L.L.C. near the master-planned community of Carmel Valley. The two parties paid $17.5 million. The buyers plan to develop about 331 units on the site. Construction is scheduled to begin early next year and be completed in 2017, SDBJ reports.